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Why Insurance
Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are....
During Financial lows
If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh!
Distributing your estate
Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy).
Taking a loan
You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan.
Tax Benefits
Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate.
Meeting your life goals
You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes.
What if you have already taken a consolidated life policy?
Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts.
Contact Us
Harish Chand
[Authorised LIC Agent]
9811896425
9212201725
www.delhilicagent.com
harishchand@in.com
Why Insurance
Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are....
During Financial lows
If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh!
Distributing your estate
Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy).
Taking a loan
You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan.
Tax Benefits
Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate.
Meeting your life goals
You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes.
What if you have already taken a consolidated life policy?
Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts.
Contact Us
Harish Chand
[Authorised LIC Agent]
9811896425
9212201725
www.delhilicagent.com
harishchand@in.com
Copyright:
Attribution Non-Commercial (BY-NC)
Verfügbare Formate
Als PDF, TXT herunterladen oder online auf Scribd lesen
Why Insurance
Almost each one of us has bought or plans to buy life insurance. The usual process is contact an insurance agent who helps you estimate the policy value and goes ahead and buys the policy on your behalf. So you feel good that you now have a life policy showing how much you worth! Take a step back before you buy that policy. Have you ever considered buying more then one policy value you desire? There are some great gains in doing so. These are....
During Financial lows
If you go through a situation where you are financially constrained to surrender your life policy, you will lose the cover for the entire policy even if you do not need the entire surrender value of the policy. For instance if your policy's surrender value is Rs 10 Lakh and you need Rs 4 Lakh cash, you will have to cancel the entire policy and lose life over completely. had this policy of Rs 10 lakh been taken as 2 policies of Rs 5 lakh each, you could have surrendered just one policy. You would still remain covered for Rs 5 lakh!
Distributing your estate
Breaking up your life policy help in this count too. Taking the same example, instead of having one Rs 10 lakh policy, having 2 Rs 5 Lakh policies helps allocate your estate among your children ( this is an ideal situiation if you have 2 children - each child gets proceeds from one policy).
Taking a loan
You can use your life policy as a pledgeable security while taking a loan. Lenders as well as the insurer usually offers loans up to a specified percentage of the surrender value of the policy. If you dont need a loan to the extent of the amount you are eligible for, you will still have to offer the entire policy as security to the lender till the repayment of the loan. During the period the policy remains with the lender, he is eligible for all the rights to the policy. However if you break up your policies, you need to pledge only just that many policies to raise the necessary loan.
Tax Benefits
Section 88 of the Income Tax Act states that premium paid on a life policy is eligible for tax rebate. The beneficiary may be different from the premium paying person. For instance your wife can pay premium for your policy and claim the tax benefit. Breaking up for life policy helps in this case too. If the premium paid on a consolidated policy is higher than the amount of rebate you need, you can break the policy to claim the entire tax rebate. This can be done by another tax paying family member paying the premium for one policy and claiming the rebate.
Meeting your life goals
You can divide your life insurance portfolio into a number of policies spread over different tenors to give you a stream of steady income to take care of your life's financial commitments like children's education and marriage, buying property, asving up for your old age etc. Check out specific plans structured by insurers specifically for these purposes.
What if you have already taken a consolidated life policy?
Dont despair. You can break it to peices! contact your insurance agent to guide you to doing so. By paying a small sum to the insurer, your policy can be broken up into more than one, without any loss to you. It is worth the efforts.
Contact Us
Harish Chand
[Authorised LIC Agent]
9811896425
9212201725
www.delhilicagent.com
harishchand@in.com
Copyright:
Attribution Non-Commercial (BY-NC)
Verfügbare Formate
Als PDF, TXT herunterladen oder online auf Scribd lesen
NEW DELHI- 110087 INDIA, 9811896425, 9212201725 www.delhiLICagent.com
New Bima Gold (Plan - 179)
Insurance Proposal for : Mr. Ullas
Risk Cover Annual Returns
Year Age Normal Accidental Premium from L.I.C. 2010 30 175000 350000 10099 0 2011 31 175000 350000 10099 0 2012 32 175000 350000 10099 0 2013 33 175000 350000 10099 0 2014 34 175000 350000 10099 26250 After a thumping success of the 2015 35 175000 350000 10099 0 Bima Gold Plan, L.I.C. now 2016 36 175000 350000 10099 0 introduces its enhanced version 2017 37 175000 350000 10099 0 in a new Avtaar - 2018 38 175000 350000 10099 26250 2019 39 175000 350000 10099 0 New Bima Gold 2020 40 175000 350000 10099 0 A money back plan with flexible 2021 41 175000 350000 10099 0 premium payment options and 2022 42 175000 350000 10099 26250 extended life cover. 2023 43 175000 350000 10099 0 2024 44 175000 350000 10099 0 Your benefits at-a-glance* 2025 45 175000 350000 10099 0 2026 46 87500 87500 0 125534 Premiums: Your premiums 2027 47 87500 87500 0 0 (excluding rider premiums if any) are paid back to you during the 2028 48 87500 87500 0 0 policy term in installments. 2029 49 87500 87500 0 0 Loyalty Addition: In addition to the 2030 50 87500 87500 0 0 return of premiums you will also 2031 51 87500 87500 0 0 receive loyalty addition (depending 2032 52 87500 87500 0 0 upon the experience of L.I.C.) at 2033 53 87500 87500 0 0 the end of the policy term. 161584 204284 Risk Cover: Despite the return of premiums in installments there is a full insurance cover to the tune of v Loyalty Addition: The maturity amount shown in the year 2026 includes a the sum assured in the policy. loyalty addition of Rs. 45500. Please note that this is an estimation only and the actual loyalty amount will be depend upon the experience of L.I.C. Extended Cover: You also enjoy a free risk cover of 50% of the sum v Tax Saving: You will save a tax of Rs. 3037 per annum @30.6% under Sec. 80 assured for half the extra term CCE by payment of annual premium. beyond your policy term.
Auto-Cover: Keep the policy inforce
even if the premiums are not paid for upto 2 years.
Choice of Terms: New Bima Gold
offers 3 term options to suit your requirements. You can choose from 12, 16 and 20 year terms.
Loan Available: You can avail of
loan in this policy after the policy acquires paid-up value.
Riders: Accident Rider is available
at a very nominal rate of Re.1 per 1000 sum assured.